As consumers living cost-conscious lifestyles, we all know how satisfying it can be to save a few bucks here and there. We take pride in our ability to sniff out just the right deal after scouring the market for a bargain. We’ll also pat ourselves on the back when we find a way not to spend money on an expense that had seemed nearly impossible to avoid.
In most cases, our commitment to living frugal lives is a good thing, but we have to be careful not to get too carried away with our money-saving addiction. That’s because there are times when our thrifty tendencies can actually end up costing us more down the road if we aren’t careful.
Here are six ways your efforts to save money might actually be costing you more than you realize.
1. Buying Low-Quality Goods
We’ve all heard the phrase “you get what you pay for.” Often times, that’s true. Of course, buying discount goods doesn’t necessarily guarantee that you’ll end up disappointed with your purchase. After all, there’s a time and place for buying low-quality goods at a discount. Sure, I’ll buy the cheap single-ply toilet paper to save a few bucks – who cares?!
Where we get into trouble is when we refuse to pay a little extra for durable, high quality products, especially when we go into those purchases knowing we want something that will work well and last a long time. Low-quality items are more likely to require repair or premature replacement. When the used washing machine we bought from that shady guy on Craigslist goes kaput, we’re right back where we started. And we end up paying twice for something we should have only bought once.
The lesson? Sometimes it’s worth it to pay a little more upfront to get a quality product or service. It can help us save money in the long run.
Here are a few examples of products that I’ll pay a little extra for to ensure they’re long-lasting and reliable:
- Select pieces of my wardrobe (I’m not talking about t-shirts. I mean stuff that serves a specific purpose like a well-tailored suit, hiking shoes, etc.)